As a result, any Coinbase customer, regardless of the network they are on and whether or not they have a smartphone, can use the new service.
Users will have to get online and visit their Coinbase account page, verify their phone number, select a six-digit PIN and click the ‘enable SMS’ button. After sending ‘hi’ to 1 (650) 316-5555, the service will be activated and users will be able to complete several actions, including sending Bitcoins to a friend’s Coinbase wallet, checking the current price of Bitcoin and selling Bitcoins.
Bitcoin is a descentralized digital currency and payment network. The currency is controlled by cryptography rather than by any corporation or central bank. Created as an open-source software project, Bitcoin enables users to transfer funds instantly to any other Bitcoin account holder in the world.
Coinbase provides an online wallet which allows users to store Bitcoin, a merchant platform which enables services to accept Bitcoin payments and an online service which allows individuals and merchants to buy or sell Bitcoin into fiat currencies. In May 2013, Coinbase has raised USD 5 million from investment company Union Square Ventures.
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